Rating agencies speak on COVID-19

120 Minutes
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COVID-19 is having and will continue for an indefinite period to have a myriad of effects, many unprecedented, on the operations, revenues and debt service coverage of municipal market issuers and borrowers. Disclosures about these effects now appear in most official statements and in an increasing number of stickers and voluntary filings with EMMA. Not surprisingly, the rating agencies have a significant and growing interest in the subject, which can be expected to influence their rating and surveillance processes, ratings analyses, in some cases ratings themselves, and possibly result in some changes in rating criteria. Even though this is a rapidly evolving situation, the rating agencies already have some concerns and perceptions to convey, that may help issuers, bankers and advisors as they evaluate financing plans and develop strategies for how to manage the effects of COVID-19.To that end, Orrick, Herrington& Sutcliffe, LLP has assembled a panel of all four rating agencies for a special Orrick and Bond Buyer hosted webinar.

Key Speakers
  • Managing Director, Moody's
    March 17
  • Eric Kim is a director in Fitch Ratings higher education and non-profit institutions group. Eric joined Fitch in March 2007, and he works on credit analysis for new bond offerings, as well as surveillance of existing ratings in a variety of sectors including higher education & non-profits, tax-backed, water and sewer, healthcare, and public power. Eric was previously chief of staff for the first deputy commissioner at the New York City (NYC) Taxi and Limousine Commission for two and a half years. He also worked as a project manager at the Lower Manhattan Borough Commissioner’s Office in the NYC Department of Transportation (DOT). Eric began his career as a NYC Urban Fellow, providing research and analytical support in the commissioner’s office at the DOT. Eric earned a BA from Brown University and an MPA with a public finance specialization from the Wagner School of Public Service at New York University.
    March 17
  • Karen Daly is a Senior Managing Director of the Public Finance and Financial Guaranty groups at Kroll Bond Rating Agency, Inc. Karen brings over 25 years of municipal credit research and risk management experience to her role. She was previously Chief Public Finance Underwriting Officer at Municipal Infrastructure Funding, LLC, a de novo municipal bond guarantor. Prior to that, Karen held several positions at Financial Guaranty Insurance Company (FGIC), including Managing Director of the Eastern Region and Senior Risk Manager. Karen started her career in public finance at Moody�s Investors Service as an analyst. She holds an MPP from the University of Michigan and a BA from Queens College.Karen has been a trustee of the Citizens Budget Commission for over 20 years, and served as the Co-Chair on both the Budget Policy Committee and the Debt and Capital Investment Committee. In addition, she has been on the board of the Municipal Forum of New York and was the Association of Financial Guaranty Insurers (AFGI) representative on Governmental Accounting Standards Advisory Council (GASAC).�
  • Christine Reynolds is a partner in the Public Finance Department at Orrick Herrington & Sutcliffe LLP.
    February 22